BENEFICIARIES' EQUITY OF THE PARENT COMPANY

6 Months Ended

Jun. 30, 2023

BENEFICIARIES' EQUITY OF THE PARENT COMPANY

11. BENEFICIARIES’ EQUITY OF THE PARENT COMPANY

Earnings per Share (EPS)

The following table details the number of shares and net income used to calculate basic and diluted earnings per share (in thousands, except share and per share amounts; results may not add due to rounding):


	Three Months Ended June 30,
	2023				2022
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	(12,737)	$	(12,737)	$	4,651	$	4,651
Net (income) loss attributable to noncontrolling interests	41		41		(14)		(14)
Nonforfeitable dividends allocated to unvested restricted shareholders	(204)		(204)		(98)		(98)


Net income (loss) attributable to common shareholders	$	(12,900)	$	(12,900)	$	4,539	$	4,539
Denominator
Weighted-average shares outstanding	171,962,162		171,962,162		171,527,031		171,527,031
Contingent securities/Share based compensation	—		—		—		733,398
Weighted-average shares outstanding	171,962,162		171,962,162		171,527,031		172,260,429
Earnings (loss) per Common Share:
Net income (loss) attributable to common shareholders	$	(0.08)	$	(0.08)	$	0.03	$	0.03


	Six Months Ended June 30,
	2023				2022
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	(18,013)	$	(18,013)	$	10,752	$	10,752
Net (income) loss attributable to noncontrolling interests	58		58		(22)		(22)
Nonforfeitable dividends allocated to unvested restricted shareholders	(274)		(274)		(246)		(246)


Net income (loss) attributable to common shareholders	$	(18,229)	$	(18,229)	$	10,484	$	10,484
Denominator
Weighted-average shares outstanding	171,818,463		171,818,463		171,411,631		171,411,631
Contingent securities/Share based compensation	—		—		—		1,163,777
Weighted-average shares outstanding	171,818,463		171,818,463		171,411,631		172,575,408
Earnings (loss) per Common Share:
Net income (loss) attributable to common shareholders	$	(0.11)	$	(0.11)	$	0.06	$	0.06

Redeemable common limited partnership units totaling 516,467 at June 30, 2023 and June 30, 2022, were excluded from the diluted earnings per share computations because they are not dilutive.

Unvested restricted shares are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. For the three and six months ended June 30, 2023 and 2022, earnings representing nonforfeitable dividends as noted in the table above were allocated to the unvested restricted shares issued to the Company’s executives and other employees under the Company’s shareholder-approved long-term equity incentive plan.

Common Shares

On May 25, 2023, the Parent Company declared a distribution of $0.19 per common share, totaling $32.9 million, which was paid on July 20, 2023 to shareholders of record as of July 6, 2023.

The Parent Company maintains a common share repurchase program under which the Board of Trustees has authorized the Parent Company to repurchase its common shares. On January 3, 2019, the Board of Trustees authorized the repurchase of up to $150.0 million of the Company's common shares from and after January 3, 2019. During the six months ended June 30, 2023 and June 30, 2022, the Company did not repurchase any common shares.